If One of the Parties Had a Specific Skill or Knowledge

question 46

True/False

If one of the parties had a specific skill or knowledge with regard to the subject matter of the contract,then a statement is probably a term.

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Definitions:

Fair Value

The estimated market price of an asset or liability, reflecting the amount for which it could be exchanged or settled between knowledgeable, willing parties in an arm's length transaction.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.

Trading Securities

Financial assets that are bought and sold for the purpose of generating profits from short-term fluctuations in price.

Unrealized Loss-Income

Gains or losses that have occurred on paper but are not yet realized through a transaction.